Cadeler (Buy, TP: NOK72.00) - Progressing as planned
The H2 results were in line with the guidance, and the new 2024 EBITDA guidance of EUR105m–125m is supportive for the growth case in our opinion, and largely in line with consensus and as we expected. New cranes have been installed on the O-class vessels, and the newbuilds are progressing well, with the first vessel (Wind Peak) due for delivery in August, which could allow some short-term work ahead of the Sofia contract in 2025. We have made limited estimate revisions, and reiterate our BUY and NOK72 target price.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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